Misplacing a cell phone is an easy thing to do but did you know that a smartphone can contain enough computing power to store the equivalent of 5,000 five-drawer filing cabinets worth of data? If a cell phone containing PHI (protected health information) is lost, it needs to be treated as a data breach. Even the smallest of data breaches can be costly. In June of 2016, an iPhone containing 412 records was lost resulting in a $650,000 settlement.
Using a third party vendor for data storage removes the burden of data storage, however, the provider is still responsible for the consequences of a breach including timely notifications. For example, in January of 2017, 836 paper records went missing and the provider was responsible for paying $475,000 in fines for late notification.
Having a plan to protect your organization is the best prevention. AssuredPartners Senior Living Risk Solutions team recently sponsored an informative lunch and learn session for Ohio Healthcare Association members in advance of the Winter Conference. Members heard from an insurer that is an industry leader in providing broad insurance coverages, state-of-the-art risk management and cutting-edge incident response for the healthcare industry.
To learn more about protecting your organization from these emerging technology risks affecting our industry, please reach out to AssuredPartners Senior Living Risk Solutions.
Source: CFC Underwriting